Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks

News Network
March 30, 2020

Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 27,2020

Bengaluru, Jul 27: The Karnataka government on Sunday directed the Director General of Police Praveen Sood to submit a detailed report on the internal security following the United Nations' observation that international terror outfit IS was active in the state.

The UN report stated that Al-Qaeda in the Indian subcontinent, which reportedly has between 150 and 200 members from India, Pakistan, Bangladesh and Myanmar, was reportedly planning attacks in the region.

It also warned that there were 'significant numbers' of ISIS operatives in Karnataka and Kerala. Reacting to the UN report, Home Minister Basavaraj Bommai said the state government has taken a serious note of the report on the activities of IS in the state.

The state government is in touch with the Centre and the neighbouring states to keep a close watch on the activities of suspicious people and their supporters.

"In this context, it has been decided to strengthen the internal security of the state. The Director General of Police has been asked to submit a detailed report," Bommai said in a release.

The state is also keeping a strict vigil on all those entering Bengaluru from other states, the Minister said. He recalled that the state police had arrested several members of Al-Hind organisation in January last and Jamaat- ul-Mujahideen from Bangladesh in 2018 and 2019. He added that the National Investigation Agency is investigating the case of JMB.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 4,2020

Mangaluru, May 4: An engineering student has claimed to have received 600 threat calls in the past few days from unidentified people for starting fish business during the lockdown in Kavoor. 

According to Sakshath Shetty, resident of Kavoor, he started receiving threat calls from various people after he started selling fish during the lockdown. 

Police said they have been able to identify some of the numbers from where the threat calls were made and investigation is under way.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 10,2020

Bengaluru, May 10: Karnataka Pradesh Congress Committee (KPCC) president D K Shivakumar said that Congress will make travel arrangements for stranded Keralites in the state in order to facilitate them to reach their homes.

"On the request made by Kerala Pradesh Congress Committee, the Karnataka Pradesh Congress Committee has appointed MLA NA Haris as in-charge coordinator to look after the Kerala citizens stranded in Karnataka," DK Shivakumar, President of Karnataka Congress said in a letter addressed to Kerala Congress.

"MLA Haris will guide and assist the Kerala citizens and make the travel arrangements for those who have obtained travel passes from concerned districts after discussing with government officials to send them to their respective places with government's approval," he added.

Shivakumar shared the contact details of MLA NA Haris and a helpline number for people to register their details.

The Ministry of Home Affairs (MHA) on May 1, issued an order to extend the ongoing lockdown by two more weeks from May 4 and also allowed the movement of migrant workers, tourists, students and other persons stranded at different places, by special trains, to their homes.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.